The Discover IT Chrome card offers a unique mix of two things we’re more likely to consume if we are working professionals commuting to work and fancy a good meal once in a while. While it does only offer 2% cash-back on every transaction, Discover matches that cash-back at the end of year 1 so all purchases made at Gas Stations and Restaurants effectively give you back 4%. All other purchases are a standard 1% (2% effective at end of year 1).
Why should this be of interest to you ? The Citi Double cash-back card offers 2% back on all purchases and is another good alternative – a no annual fee card just like the Chrome. Well the 4% of-course!
Whats the catch?
The only catch is that you can apply for your second discover card after having completed 12 whole months of holding your first Discover card. So if you had a Discover IT 5% cash-back card for year 1 (and reaped all the match bonus) you can apply for the Chrome.
Be mindful – Chase 5/24
Be careful though that you don’t hurt your chances of meeting the Chase 5/24 rule (5 cards in the past 24 months). You want to maximize on atleast 2-3 cards from chase first before expanding into other providers.
So, if your priority is to get into the Chase ecosystem to reap the unique benefits they have to offer, I’d recommend waiting on applying for this card.
What’s the right time to apply?
If your borrowing age is under a year, and your primary card is NOT the discover IT 5% card, I’d only recommend getting this if you fill up a lot of gas or eat out at restaurants often.
If you have already accumulated all the Chase cards you wanted and are looking for a good gas/restaurant card you may get this card.
Alternatively, if you are unable to derive maximum value out of the Discover IT 5% card, Discover does offer a unique ability (that no one else does) to change your card type anytime of the year after (buffer period after type change comes into effect). I will get more into the details in a future article – as it is something I found out myself recently and could be of use to a lot of users not pleased with their current cash-back.
DO NOT apply for more credit cards if they don’t satisfy your long-term needs. Thinking short-term is only going to harm you (and your credit score) so please think about your financial position and spending habits before applying.
APPLY here if you wish to get the Discover IT Chrome 4% cash-back no annual fee card.
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